Reverse Mortgage Loan
Reverse mortgage programs allow individuals over the age of 62 to access a portion of their home’s equity, or purchase a home in a very unique fashion. Reverse mortgages are more than a loan program, they are a government insured loan program that was established in 1988 to provide homeowners with the financial security they need to fully enjoy their retirement years. The FHA Reverse Mortgage works like any other mortgage, except there are zero monthly mortgage payments required. The payment normally paid each month on a regular mortgage is simply deferred until you no longer need the house. Consumers with Reverse mortgages must pay property taxes, homeowner’s insurance and costs associated with home maintenance. Give Kiel Mortgage a call today and together we can determine if a Reverse Mortgage is worth your consideration!
Attend a No Obligation Reverse Mortgage Seminar
Move from “Opinion to Knowledge” by learning the facts about the FHA Reverse Mortgage.
Register for one of our Lunch and Learn reverse mortgage seminars with Laura Kiel
There are four basic requirements to qualify for a reverse mortgage:
- At least one Homeowners must be 62 years of age or older.
- The home must be your primary residence.
- The house must be a single family residence, condo, manufactured home, duplex, tri-plex or four-plex.
- The type of home and the condition must meet standard HUD guidelines.
Some of the uses of a Reverse Mortgage are:
- Purchase a home
- Eliminate an existing mortgage payment
- Create additional monthly income
- Have cash for home improvements, or payments of credit cards or medical bills
- Have readily available access to a line of credit that grows in value over time.
or call 1-888-778-5435